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304.6-170 Calculation of reserves.
(1)
(2)
Reserves for any category of policies, contracts, or benefits as established by
the commissioner, which are subject to subsection (2) of KRS 304.6-140, may
be calculated, at the option of the insurer, according to any standards which
produce greater aggregate reserves for such category than those calculated
according to the minimum standard herein provided, but the rate or rates of
interest used for policies and contracts, other than annuity and pure
endowment contracts, shall not be higher than the corresponding rate or rates
of interest used in calculating any nonforfeiture benefits provided for therein.
Any such company which at any time shall have adopted any standard of
valuation producing greater aggregate reserves than those calculated
according to the minimum standard herein provided may, with the approval of
the commissioner, adopt any lower standard of valuation, but not lower than
the minimum herein provided; provided, however, that for the purposes of this
section, the holding of additional reserves previously determined by a qualified
actuary to be necessary to render the opinion requested by KRS 304.6-171
shall not be deemed to be the adoption of a higher standard of valuation.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1005, effective July 15, 2010. -Amended 1996 Ky. Acts ch. 289, sec. 3, effective July 15, 1996. -- Amended
1978 Ky. Acts ch. 280, sec. 6, effective June 17, 1978. -- Created 1970 Ky. Acts
ch. 301, subtit. 6, sec. 17, effective June 18, 1970.
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